Yesterday, the EUR/USD currency pair raised to the weekly PP at 1.1111. During Wednesday morning, the pair was testing the resistance formed by the 200-hour SMA at 1.1121.
It is likely that the exchange rate could gain support of the 55– and 100-hour moving averages, located circa 1.1100, and extend gains. The rate could target the weekly R1 at 1.1150.
However, if the given resistance level holds, it is likely that the Euro could trade sideways against the US Dollar in the short run. Also, some volatility could occur in the market due to the FOMC Statement release at 18:00 GMT.
